Details of Aegon Religare Life Guaranteed Growth Insurance Plan

AEGON Religare Life Insurance has launched a new insurance plan – “Guaranteed Growth Insurance Plan”. The total PPT term (premium paying term) is 8 years while total policy term is 10 years. The unique feature of this plan is that here the customer gets an annual return equivalent to 150% of the premium, paid for a period of 8 years.

Let us try to understand this plan in more details:

Example

Mr. Mahesh (age 45 years) has his own business. His wife is a doctor and

they have a son Atharva, who is 11 years old. Notwithstanding his good

financial position, Mahesh is attuned to the need for a financial

instrument that will help him multiply his savings and provide guaranteed

annual payouts once his son completes 21 years of age. Hence, he relies

on AEGON Religare’s Guaranteed Growth Insurance Plan.

His plan details are as follows:

Policy Term: 10 years, Premium Payment Term: 8 years,

Premium: Rs. 1, 00, 000(exclusive of service tax).

Case I:Mr. Mahesh dies after 2 years:

Premiums paid by Mahesh = Rs.1 lakh X 2 years = Rs.2 lakhs + tax

Total Guaranteed Payout = Rs.1.5 lakhs p.a. X 8 years = Rs.12 lakhs

Thus, total payout received by his son is 6 times the premiums paid by Mahesh

Case II:Mr. Mahesh survives the Policy period:

Total payout = Rs.12,00,000 i.e. Rs.1,50,000 each for 8 years

Benefits

In a nutshell AEGON Religare Guaranteed Growth Insurance Plan provides the following benefits:

Guaranteed annual payouts at maturity

In case of death of Life Assured during Policy Term, future premiums are waived off and guaranteed annual payouts are payable to the nominee